Best Practices for IT Asset Risk Management

#GRC It’s how little of the job is actually about finding the risk and how much of it is about tracking what people decide to do with it. One of my early projects involved reviewing a system where access wasn’t being removed when employees left. I flagged it, explained the impact, walked through the risk. Everyone nodded. And then… nothing changed. A few weeks later, during a walkthrough, someone asked, “Was this risk ever reviewed or accepted?” That’s when it clicked to me. It wasn’t enough that I’d raised the concern. I hadn’t captured who made the decision to leave it as-is, or why. There was no clear record of what was said, or when it was decided. Now, I always document those moments. Not just the risk, but the conversation around it; who was involved, what they agreed on, and what context shaped that choice. Not to point fingers. Just to keep a history. So if that risk resurfaces, we’re not scrambling to remember what happened or why. For anyone learning GRC .. spotting a gap is just one step. The actual work is in following it through; making sure it’s not just noted, but owned, discussed, and either acted on or intentionally accepted. And keeping that trail matters more than you think. Here’s a few of my recommendations: 1. Risk Acceptance vs Risk Mitigation (Article by TechTarget) Breaks down how risks are either accepted or acted on, and why documenting the decision matters. https://lnkd.in/g82uYRk6 2. Hyperproof Risk Ownership and Documentation Best Practices A plain-language overview of how GRC teams manage risk conversations, decision logs, and assignments. https://lnkd.in/gzWZUBah 3. GRC Fundamentals Training by ISACA (Free & Paid Options) Includes lessons on risk management, documentation, and audit readiness. https://lnkd.in/gDPyqv24 4. The Importance of an Audit Trail (OneTrust Resource) Covers why clear documentation is your strongest evidence in any control or risk review. https://lnkd.in/gfB5EE5k

Picture this: I'm presenting to our financial firm's leadership, drowning in blank stares after rattling off IAM system stats. Then our CISO asks, "But are we actually safer?" Cue awkward silence. 🦗 That day changed everything. We realized we'd been measuring IAM success all wrong. It's not about accounts managed - it's about risk reduced. Here's what we learned: 1. Speak Risk Language:   Showing a 60% drop in unauthorized access attempts got the board's attention. Risk is business-speak. 2. Find Risk Hotspots:   80% of our risk came from 20% of accounts. This led to tough talks about access policies. 3. Embrace "Oops" Moments:   Tracking risk revealed control failures, leading to a 40% security posture boost in 6 months. Key Wins: - 70% faster ex-employee access revocation (3 days to 2 hours) - 50% fewer password-related breaches - 95% access certification accuracy (up from 62%) Challenges? Plenty. Resistance to change, translating tech to risk metrics, legacy system headaches. But preventing a potential data breach turned skeptics into believers. Quick-start guide: 1. Assess risks to identify critical access points. 2. Align IAM metrics with business risk frameworks. 3. Start small - improve one high-risk area to demonstrate impact. We shifted from "look at all this IAM stuff" to "here's how we've cut risk." It elevated IAM from a tech function to a strategic asset. Fellow IAM leaders: What's your top risk reduction metric? What curveballs did you face? How has this focus shift changed the game for your team? Let's learn from each other!